PE and sports: Many sports leagues have introduced ownership regulations that enable investment by PE-style funds—and firms are seizing on the opportunity. We look at return profiles, risks, and more. Read our research.
Turbulent start for A&D: PE dealmaking in aerospace & defense slowed in Q1, though the commercial aerospace parts segment showed strength. Our report unpacks this and more subcategory trends. Preview it here.
More tech research: Check out free previews of our client-only reports on VC and market trends across biopharma modalities, clean energy, and mobility tech.
Medtech webinar: How has the medtech funding environment changed in the current landscape? We'll discuss this and more on Tuesday. Register here. |
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Zillow’s co-owner is redefining second-home ownership
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After helping millions buy their first homes, Zillow co-founder Spencer Rascoff launched Pacaso to transform how people buy, own, and enjoy second homes.
Pacaso’s innovative model makes luxury vacation homes more accessible by enabling co-ownership in the world’s most sought-after destinations. In just four years, Pacaso has facilitated $1B+ in real estate transactions, helping 2,000+ owners purchase second homes. With 80% of homes selling out quickly, they’ve already generated $110M+ in gross profit—a testament to this model’s strength. Backed by major firms like SoftBank and Greycroft, Pacaso is disrupting a $1.3T industry.
Whether you’re a second-home buyer or a partner looking to shape the future of real estate, Pacaso built the platform redefining how you live, invest, and escape.
Learn more about what Pacaso is building today |
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Forecasting the growth of wealth-focused evergreen funds
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Private markets, traditionally defined by the drawdown fund model and largely reserved for institutional investors, are undergoing a significant transformation.
Capital is increasingly being structured, accessed, and managed in new ways. As a result, private investment opportunities are reaching a broader set of investors, with private wealth emerging as a central focus.
Historically underallocated to private markets, high-net-worth individuals and their advisors are now being actively targeted by general partners eager to tap into this deep and growing capital base.
This trend is fueling strong momentum in evergreen fund structures that allow for continuous fundraising, periodic liquidity, and simplified portfolio management for investors.
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| The evergreen evolution is well underway. |
Over the past several years, wealth-focused evergreen vehicles have become one of the fastest-growing segments within the private markets ecosystem, amassing $427 billion in AUM by the end of 2024.
That trajectory is expected to continue as new partnerships and innovations serving the wealth channel emerge.
Looking ahead, we project these private wealth structures will grow at an annual rate of 20%, surpassing $1.1 trillion in AUM by the end of 2029 under our base-case forecast.
Private wealth's role in private markets is still developing, but the trajectory is clear. We expect it to be a meaningful and enduring source of capital in the years ahead.
Read more in our 2029 Private Market Horizons report.
Clients can access prior editions of our LP-focused weekly commentary in this dedicated workspace.
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Hinge Health debuts as digital health IPO window finally opens
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On Thursday, Hinge Health became the first major VC-backed healthtech company to go public in over three years, delivering a jolt to the digital health IPO market.
The virtual MSK care platform debuted with a $2.6 billion valuation—a relatively conservative figure that has since fueled a 25% rise from the IPO price of $32.
This IPO is more than just a single company's debut. It's a litmus test for a backlog of late-stage digital health companies—and their investors—looking for signs that the public markets are ready to reopen.
It's also a signal that the next wave of IPOs may look a bit different. Unlike the consumer-oriented telehealth IPOs of 2020-21, Hinge operates a B2B2C platform and sells through employers and health plans.
What's next? All eyes are on Omada Health, which filed to go public weeks ago, and others like Sword Health, Spring Health, Ro, Zocdoc, and Quantum Health could follow.
An open question is whether Hinge Health's successful listing will unlock the broader IPO window. With over 50 digital health unicorns still private and many investors facing long holding periods, the pressure to exit is building.
Hinge Health's debut also comes amid early signs that tariff-induced IPO delays are easing. MNTN went public on the same day, and Chime recently filed for an IPO, as well.
Still, anticipated listings from Klarna, StubHub, and others remain on hold amid broader market uncertainty.
We unpack all of this—and more—in our Hinge Health IPO note, published on the company's first day of trading.
And for a deeper look at the funding environment and broader exit landscape, see our new Q1 Healthtech VC Trends report, which explores deal flow and sector-specific trends across digital health.
Reach out with any feedback on the research!
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